>> Major funding for "Opportunity Knocks" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systemic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

Additional funding for "Opportunity Knocks" provided by Balance... and Callahan & Associates.

Previously on "Opportunity Knocks"... >> A budget empowers us to figure out how to make sure that income is here, expenses are here.

>> I looked for emergency relief.

It led me to Amistad, and they were able to help me apply for health insurance, and I was able to get free healthcare.

>> How confident are we with meeting our long-term financial goals?

>> Not that confident.

>> No shopping.

>> I'm not going to shop.

>> No fast food?

>> Okay.

>> It's just 24 hours.

You got it.

>> I can do it.

>> Bring it in.

[ Both laugh ] >> Every day, millions of Americans must make the choice between paying rent... >> We're behind on rent.

>> We got to pay the mortgage.

>> ...or buying groceries.

>> I live paycheck to paycheck, and sometimes that doesn't even cut it.

>> So we got spaghetti with no meat.

Are you serious?

>> "Opportunity Knocks" is back with our three esteemed coaches and six new underestimated families to create a personalized journey... >> Are you going to do what I ask you to do?

>> ...that everyone watching can benefit from.

>> I'm just hopeful that I won't always be struggling.

>> Through these families' experiences... >> This is an emergency.

>> ...you will see that a better life is possible with the tools that they are provided.

>> And we're going to turn your life around like you have no idea.

>> Are the obstacles that these families are facing too much... >> Your mom is sick, too?

>> A loan that I obtained online, interest rate is like 600%-something.

>> What I'm seeing is almost 700%.

>> You're looking at bankruptcy.

>> ...or will their coaches help them open the door when opportunity knocks?

♪♪ ♪♪ ♪♪ >> Hey, hey, hey.

>> Lynette, how are you?

Nice to see you again.

>> Good to see you.

>> Nice to see you, too.

>> Welcome.

>> Omar.

>> Hey, Louis.

>> Good.

>> Personally, with Louis this time, I feel as if there's a level of preparedness here opposed to when he came the last time, there was a lot of uncertainty in the room.

Have a seat.

>> Great.

Thank you.

>> We have some real progress to show him.

>> So, I haven't seen you guys in a few months now.

Tell me all the stuff that's going on.

>> The first thing we did was get on The Opportunity Finder to find a career coach for me to see about my CDL.

>> And so once you get that, like, how much more would you be earning per hour or...?

>> I've seen some of them start the most $35 an hour to $40 an hour.

>> Okay.

And what are you currently making now per hour?

>> Between $21 and $23, depending on the job.

>> Okay, but once you get that CDL, the commercial driver's license, you'll basically double the income that you were making before or close to double the income, right?

>> Yeah.

>> That's fantastic.

Lynette, so last time I was here, we were going through all your debt, and the interest rates were, like, through the roof crazy, right?

>> Yeah.

>> And so tell me what happened.

>> I went on The Opportunity Finder, found a credit union, BECU, set an appointment with a financial manager named BJ.

>> Great.

>> And he actually sat down with us and consolidated six of our highest interest rate loans, including the one at the 699%.

We went from paying a little over $2,000 a month to now $337.

>> Oh, my God.

So you're saving about $1,650 a month?

>> Yes.

>> Yeah.

>> That's unbelievable.

>> Thanks to BECU, we can now make that monthly payment without breaking a sweat.

It's not a hardship to the family.

>> What about the next level of maybe savings for the next goal, which is maybe buying a piece of property?

I think you wanted to buy a house.

How are you planning that?

>> Yeah, our main goal is to still buy a house, but we haven't started looking at houses yet.

We're still just working with BJ, paying stuff down and trying to get our credit scores where they need to be so we can easily just walk into a house.

>> This is where I want you to go look for a homebuyers class because that gives us plenty of time.

By the time you pay off all your debt, you increase your credit score and go through the class, you'll probably be ready to go purchase a home.

So you'll go through The Opportunity Finder.

You'll go through housing and buying a home.

Taking that class is really going to help us.

>> I'm that much more confident that the Winters gang is on its way to home ownership and financial freedom.

>> One of the things that when I was here and we were sitting at the kitchen table, we were talking about your daughter, right, who was graduating from high school.

>> Yeah.

Thanks to The Opportunity Finder, we found a college right here in Seattle, Seattle Central Community College, who has a real nice culinary course.

>> My daughter loves it as well.

So when we sat down with the dean to go over the tuition, I was just very shocked at how low cost it was, like we could actually afford paying monthly payments toward her tuition.

>> Wow.

In just a short few months in which I've seen you last time, you've almost done like 180-degree turnaround.

I mean, it seems like now it's going to be a good time for us to start planning kind of the future for some real positive, some growth stuff.

Right?

Because we were in this big hole.

We've gotten out of the hole now.

>> Yeah, we were just if we had it, we paid it.

And that's pretty much how we was living.

Since all of that is under control now, tremendous weight has been lifted.

I just thank you for everything that you have came and taught us about how to manage all of this, because truthfully, we really didn't know.

>> Well, our goal is that you don't go backwards, our goal that you continue going forward, and that just takes action.

But now I think the biggest step is that we have to remember that there are people around us, there are resources available to us to always be there to help you out.

Don't forget that, please.

With that, I'm going to leave.

Give you guys great big hugs.

>> A month ago we were real stressed about money, but after The Opportunity Finder, Louis, BJ at BECU, Sheena at Neighborhood House, just everybody involved with helping the Winters gang out, all of that stress is gone now.

There is help if you just ask.

>> Thank you.

See you guys soon.

>> Alright.

>> Thank you, thank you.

♪♪ ♪♪ >> So we get to come back and see Chris and talk about your retirement.

When we initially sat down with SkyPoint, they told us it was going to be a relationship.

>> Hello.

>> Chris, good to see you.

I see you have a nice beard now.

To really be a part of the family, I mean, they call us up.

It's not just an e-mail, it's a follow-up with a call.

And so they really care about the well-being of our finances.

>> And if they don't have some of the resources that we need, they offer other resources to help us.

So it gives us the idea that they're looking out for us and not just after themselves.

>> So how have you guys been?

What have you guys been up to?

>> Oh, we've been great.

We've been, you know, we've been a little more light-hearted now.

It's not as much pressure because we have the loan that paid off our credit cards.

>> So now that everything's been consolidated into one payment, how is that working for you?

>> Been working very well.

>> Yeah?

>> We see the difference in our checking account.

We have upwards of $2,000 extra in there a month.

>> Nice.

>> Especially since we changed our spending habits.

>> Right.

>> It's even -- It's even more so we have some money to -- I don't want to say play with, but to invest and make sure that we take care of... >> Retirement.

>> Your retirement.

Yes.

>> So what brings you guys in here today?

>> Well, today I am looking toward retirement.

>> You know, I definitely am going to put you in touch with our third party who is going to help you, you know, further plan your retirement.

And as always, if you have any questions about anything as far as with your loan or with future, you know, savings or CDs, you know where to find us and we'll always be happy to help you.

>> Well, thank you so much.

>> Oh, yeah.

Absolutely.

>> We're at a point right now that we can actually spend the money that we have, instead of the money that we don't have.

Now we can take down our debt and get closer to retirement.

So this helps us in a way that gives us light at the end of the tunnel, where we can see the retirement that my wife has been hoping for sooner than later.

>> Well, it was very nice seeing both of you.

Keep a look out for my e-mail.

I'll have that information over to you shortly for the third party.

>> Alright.

>> And set up on your retirement and definitely keep in touch.

You know where to find us and we look forward to seeing you again.

>> Alright.

Thank you.

>> Good seeing you, Chris.

>> Good seeing you too.

Thank you very much.

>> Alright.

♪♪ ♪♪ >> Exciting.

>> Yeah.

>> Talk to Lisa again.

I feel like we've developed a relationship with Miss Lisa at Pelican State Credit Union.

It feels like a family.

>> Hey.

How y'all doing?

>> Good afternoon.

How are you?

I love it.

They're a blessing.

>> So tell me, how's everything been going so far?

>> Much better.

>> Just really happy to be able to be paying our bills and not be withdrawing our accounts.

>> Yes, yes, that makes -- that makes a huge difference.

>> Just being able to consolidate and make sure we don't lose our house.

>> Yes.

>> Just lowering those credit-card payments have been a big help too.

>> Yes.

>> Since Pelican was able to consolidate our credit cards and have a lower payment, it's been extremely helpful.

>> And it helped kind of minimize the amount of avenues that the money had to go to, where it closed those off to where we can sit down and kind of think everything through where we're not being spread out in so different directions.

>> Worked on the budget.

We know what the expenses are.

So the thought was an additional $1,400 could really significantly help.

And let me tell you why.

Think about if the two of you could split the $1,400 and you brought in an additional $700 a month, you brought an additional $700 a month.

You could actually pay off the credit card in 24 months if you put $356 just on the card itself.

You take another $300 and put it in your savings account, and then the last $300 could be for family -- spending time with the kids.

Quality time.

I know that makes you smile.

>> So if we could save $1,400, that way we can have extra money in our savings account to be able to pay for emergencies that come up and not have to go into debt.

>> The next thing I'd like to do, you know, I know we've been meeting every month, so let's schedule an appointment, and hopefully by that time you can let me know how things are going.

>> Sounds perfect.

>> Pelican State Credit Union's advice is very helpful.

I feel like we've developed a relationship with now, like, with Miss Lisa where it feels like a family.

>> Alright, well, thank y'all so much for coming in.

Always enjoy our visits.

>> Absolutely.

Thank you for meeting with us.

>> I do feel like Pelican State Credit Union is on our side and wants us to succeed and do well on our financial journey.

>> Y'all have a great day.

>> Thank you.

>> Thank you.

♪♪ ♪♪ >> Hi.

>> Hello.

>> Stacey?

>> Yes.

>> Hi.

I'm Omar Winters.

>> Nice to meet you.

>> You too.

>> Lynette Winters.

>> Hi, Lynette.

Nice to meet you.

>> Nice to meet you.

I'm excited to finally be closer to buying a home because apartment life has not been fun for us, for, you know, us together, the children.

The space is limited.

You don't get to have a lot of visitors, you know, just not having to move again will be big, to be able to finally get a house that we can call our home forever.

>> Alright, so I'm Stacey Black.

I'm the Lead Financial Educator here at BECU.

And so we have classes around homeownership and how to prep for homeownership.

So tell me a little bit about yourselves.

How long have you been members at BECU and when and where are you planning to purchase, things like that?

>> Well, I've been a member of BECU for a few months now.

>> Nice.

Okay.

>> Where we're planning to get is a house just because apartment living is just not working.

>> And it's expensive, right?

>> Yeah.

>> Yeah.

>> We're just new on our journey with BECU and all the financial tools that you have available.

So I'm open to learn.

>> Yeah.

So let's go into the up-front costs.

I think it's important to know what to expect when you make an offer on a home.

So these are the up-front expenses I want to talk about.

>> Okay.

>> Earnest money is a big one.

Also, your down payment.

>> Mm-hmm.

>> And the inspection, which I think is really important.

And then closing costs and what you have to pay up front.

>> Stacey is very knowledgeable about buying a home.

I love the screen that we're looking at.

It's easy on the eyes.

[ Laughs ] >> So let's start with earnest money.

Earnest money is paid by you as a buyer when you make an offer.

So this is like a deposit you're giving up front to show the seller how serious you are.

>> Okay.

>> What would be the minimum?

>> It depends on the market.

>> Okay.

>> I would say to consider maybe 1% of the purchase price of the home.

Let's talk about the inspection.

I want you to think of an inspection as like peace of mind, number one.

Right?

It can also be a great negotiating tool.

Once you get that list of things that are wrong with the home, now you have something to go back and negotiate.

But then the closing costs -- The closing costs are going to be about 2 1/2% to 3%.

>> With BECU, having a home seems very close in our near future.

>> You have an idea of what you need to come up with and you can start saving towards that.

Maybe putting aside a certain amount every month in a separate account to go towards these fees or these costs that are involved.

>> Totally.

>> Stacey's whole slide show is very helpful.

This is exactly what I wanted to see.

Something real basic, straight to the point.

I get it now.

>> Well, it was nice meeting you.

Thank you so much.

>> Thank you.

Thank you so much.

>> I'm excited.

Yeah.

Thank you, nice to meet you.

>> Thank you.

>> Us being in a home is real obtainable now.

And it just feels phenomenal to tell you the truth.

Like, whoa.

[ Laughs ] >> Have a great day.

>> Thank you again.

>> Thank you so much.

>> You too.

>> Bye-bye.

>> Bye-bye.

♪♪ ♪♪ >> I'm really excited to go back to Raiz to see Pearl because Pearl's been really helpful.

She's so friendly, so knowledgeable, so nice.

She also gives a very comforting presence.

>> Hi.

>> Hello.

>> How are you?

Good to see you.

How have you been?

>> Good.

>> Yeah?

>> How have you been?

>> Good, thank you.

Have a seat.

>> I'm really excited that they were able to help me and can still help me.

>> What brings you in today?

How have you been?

Everything good?

>> Yes.

Everything's good.

So I met with my financial coach, Louis, and he gave me some advice that I wanted to come in and talk to you about.

>> Okay.

>> So I still need help a little bit with budgeting.

I know we talked about it last time, but I still don't fully grasp it.

So can you help me more with that?

>> Yeah, definitely.

Of course.

And just so you know, budgeting is a concept that's hard for a lot of people, especially when you're first starting out.

So I don't want you to be too hard on yourself.

So one of the methods that we like to teach is the 50/30/20 rule or that method.

>> I've never heard of that before.

>> Okay, so what that is, is it's pretty simple.

So 50% of your income right after tax should be allocated towards your needs.

Right?

And everything you need to pay -- your rent or your utilities or things like that.

And then 30% should go to your wants.

Taking your kids out for a nice dinner at a restaurant or anything that you want to purchase that you don't necessarily need.

And then 20% goes to your savings.

And so it kind of makes things simple when you're budgeting and when we talk about budgeting because it kind of already gives you a plan of how to allocate your money.

>> Right.

>> Last time you were here, we consolidated your credit cards.

How is that going?

>> It's going good.

It does make me feel lighter because that's only having to make one payment rather than seven different payments, seven different banks.

It does save me about $140 a month.

But I am still confused sometimes because since I have two accounts, I never know what's being paid where.

>> Having all your accounts in one location really will help, and that helps with budgeting as well.

In fact, through Raiz we have a online tool that helps you see where your money is being spent, and so it categorizes all of your spending.

>> Right.

That sounds really helpful.

>> So in this case, and I remember from the first time we talked, you were interested in getting your teaching certification, right?

>> Yes.

So I did my research for the teaching certification.

And I went to a seminar with Region 19, and they offered two options for me.

One option is I would work with them at Head Start, and then I would also do my coursework with them.

Or I could keep my job and then do my online coursework and go physically to classes twice a week, which for -- with my kids and flexibility, I feel like the second option is best.

So that's kind of where I'm leaning towards right now.

>> I'm familiar with those programs.

One of them does allow you to pay monthly for the 12 months of the program, so you can pay $416 a month until you pay off the $5,000 or $6,000 that it comes out.

The other option is you can apply for a loan through Raiz, and we can finance that amount for you.

It might be a better option for you because it'll be cheaper monthly payments than paying the $416 a month for 12 months.

>> Oh, that's great, yeah.

I feel like being a teacher and getting my certification is now something I can actually achieve because Raiz is able to help me and because I found the programs that are flexible with my schedule.

>> Thank you.

♪♪ ♪♪ >> Hey, babe.

I'm at Columbus Works.

I'm a little nervous.

I think Columbus Works will help point me in the right direction by finding the career paths that suits my personality... Bye now.

...and my daily needs like something that's not overnight that's going to burn me out.

So they'll help find something that works for everybody.

Hello.

>> How are you?

>> Pretty good.

>> Good.

I'm Kela.

Your name?

>> Wes.

>> Nice to meet you, Wes.

You can go ahead and have a seat here.

>> Thank you.

>> Can you tell me first just a little bit about yourself?

So, you know, what brought you here to Columbus Works and tell me about your current position.

>> Currently, I'm a deli worker.

It's not exactly the work I want to continue doing, though.

>> Okay.

>> I have a bachelor's degree in sociology.

>> Nice.

So have you thought about what you would like to do now?

>> Maybe something in human resources.

>> Human resources?

Okay, so, here at Columbus Works, we are a nonprofit organization, so we help people who are unemployed or underemployed like yourself, and we try to help them get to a path toward that career.

The way we do that is through our four-day job readiness class, which we're actually starting a new class next week, which we would love to have you attend.

You know, we'll talk about interview skills, all the basic things there.

Upon completion, you'll get a certificate of completion from us, and then you also get an employment coach.

>> I think Columbus Works will help point me in the right direction.

I'm looking forward to getting started with them because they're going to find exactly what suits me.

>> So, that employment coach is there to talk about all the barriers to employment, talk to you about some of the employer partners that we might have that could be a good fit for you.

And if it's not a partner that we work with, they'll still walk with you and helping you get your résumé finalized and make sure, you know, you're ready and prepared for that next step in the process.

But the first foundation, of course, is going to be employment.

And if you're not stable -- that can include housing, transportation, mental health, all those types of things that would be beneficial for you as you continue in your search.

Okay?

Does that make sense?

>> Yeah.

But I definitely am interested in the class and I will be going through that website.

It's nice to have someone that's going to help me find a job that I have a degree in and make more than what I'm making now.

>> Okay, well, thank you so much for coming in today.

We look forward to working with you.

>> Thank you.

>> Alright.

Thank you.

♪♪ ♪♪ >> So, today is the big day.

I get to go to the New Orleans Firemen Federal Credit Union and meet all my friends, my new besties, and Miss Rachel in particular.

Rachel.

>> Hey, Erika.

How are you?

>> How are you?

>> Oh, my God, how are you?

>> I'm doing good.

I've been saving.

Like, she's been holding me accountable about budgeting.

So I'm excited to, like, maybe start a new budget.

>> So how are things going?

How have you been?

>> Really good.

I feel like I've made some real good progress.

>> Good, good.

>> I'm excited.

>> Good.

So tell me, how have we impacted your life and changed?

>> Oh, a whole lot.

Like, I mean, being able to get all my bills consolidated in one, it helped me save, like, almost like $600 a month.

So it gave me a little more financial freedom.

>> Good, good.

And the last time we spoke, your vehicle was in the process of being totally repossessed.

>> And I got my baby back.

So I'm rolling back on the road.

So I'm excited about that.

>> And your utility bills and everything are caught up to date once we redid the loan for you.

>> Yeah, so everything is caught up.

I'm not behind on anything and I have a little money.

[ Laughs ] >> Look at you.

How does that feel?

>> It's life-changing, the fact that I'm able to, like, catch up on everything and I was able to save.

>> Well, I definitely want to tell you that I'm proud of you and so is the credit union.

We took a look at your credit, and your credit score actually went up 111 points.

>> What?

111?

>> In less than two months.

>> Yeah, I feel proud of myself.

I feel like I worked hard, and it's like, alright, Erika.

I'm excited.

So I know I was also talking to my financial coach, Miss Patrice.

I'm definitely interested in getting a house.

>> Homeownership is around the corner for you.

I feel it.

>> I feel it too.

I really want to get a house like for me and my mom, like, and I feel like this will be the best place for me to, like, work with, like... >> Absolutely.

The progress that you have made in the two months with the emergency funds and if you keep going on this stride, it's -- I mean... >> I plan on it.

>> Yes.

It's amazing.

And also, we can continue the budget, update the budgets when things get paid down.

We can restructure the funds where that goes to help you save for that homeownership beyond measures.

I'm so proud of you, and I cannot wait to work with you to be able to get you into a home.

>> I can't wait so me and my mom could, like, really move together.

I'll be able to save way more money once we move together.

New Orleans Firemen Federal Credit Union really helped me.

Like, it's, like, been life-changing for me because I feel like they have done so much for me.

I feel like a lot of weight is lifted off my shoulders.

Thank you.

>> Yes.

Alright.

>> Thank you.

>> It's good seeing you.

>> Nice seeing you too.

Have a good day.

>> You too.

Bye.

>> Bye.

>> To find your own opportunities, please visit opportunityknocks.net.

>> Next time on "Opportunity Knocks"... >> So what's your idea for your business?

>> Mainly it's bounce houses and parties.

>> I see my business becoming a legitimate business and I'm really excited for that future.

I did bring you some samples of some doormats that I do.

>> How would this impact you?

>> It would give me a sense of purpose.

>> Alright, give me a hug.

>> Okay, go play.

>> Alright.

>> Alright.

>> There you go.

>> ...2024.

Oh, 2024 forever.

[ Laughter ] >> Major funding for "Opportunity Knocks" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systemic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

Additional funding for "Opportunity Knocks" provided by Balance... and Callahan & Associates.

♪♪